In "The Ascent of Money," Niall Ferguson explores the complex motivations behind attitudes toward slavery and the Confederate States during the Civil War. While there was a sincere dislike for the institution of slavery among certain factions, a significant concern also arose regarding the financial reliability of the Confederacy. This was compounded by the fact that Jefferson Davis, the president of the Confederacy, had previously supported the idea of rejecting state debts while serving as a US senator, which raised doubts about the Confederacy's fiscal responsibility.

This duality of sentiment highlights how moral and financial considerations were intertwined during this tumultuous period. As individuals weighed their ethical positions against the backdrop of potential financial liabilities, it became clear that the Confederacy's track record was a critical factor in shaping opinions. The dichotomy between distaste for slavery and apprehension over the Confederacy's creditworthiness illustrates the complex dynamics of financial and ethical considerations in political and social discourse at the time.